A thorough observation of the entrepreneurial process shows that creative thinking is the must have “skill” of an entrepreneur for the creation of new ideas. Creativity allows a person to devise interesting processes, which gives so many advantages to entrepreneurs.
But what exactly makes creativity so crucial and important in an entrepreneur’s work life?
Creativity leads to success by:
Creating new ideas for competitive advantage. The whole process of entrepreneurship is rooted in creation and exploration of new ideas. When an entrepreneur is able to generate a new idea that is feasible as well as efficient, it gives him an edge over the competition. The ability to explore different niches is just like a learned skill or a resource that is possessed by an individual.
Thinking of novel ways to develop your product and improve the business. Creativity helps develop new ways of improving an existing product or service and optimizing a business. There is always a room for improvement in the deliverable of an enterprise; it is the creative entrepreneur who can assess how to do it.
Thinking the unthinkable. Creativity requires imagination to
produce the most obscure ideas. Imagination is needed to cross the boundary of “usual” and “normal” or to think outside the box. This allows entrepreneurs to think beyond the traditional solutions, come up with something new, interesting, versatile, and yet have success potential.
Finding similar patterns in different areas. Sometimes, due to following a routine or a habit, the thinking process also goes along the line of those established processes. Creativity enables people to connect dissimilar and unrelated subjects and make successful entrepreneurial ideas. Merging different fields creates interesting intersections that creates new niches. Most people are afraid of bringing different disciplines together, but most interesting ideas come from colliding different fields.
Developing new niches through creativity and entrepreneurship. In entrepreneurship, it is important that new aspects of traditional business are explored. This can be in the form of changing the method of manufacturing the product or delivering the service or how are they supplied to the user. All these areas can create a niche that has great potential in business.
Creativity does give an entrepreneur a competitive advantage, but how does one assess whether they are creative enough or not?
Following are characteristic features indicative of a creative entrepreneur:
1. An entrepreneur adheres to rules and principles only when they add value to the organization and have a potential to attract more customers.
2. An entrepreneur experiments with his ideas as the first step. The second step is learning from the experience and the third step is implementation of what they have learned.
3. An entrepreneur is less afraid to lose and is always keen to experiment in new ventures.
4. The entrepreneur is not afraid of creativity and believes that creative ideas will only help their enterprise.
5. A creative thinker will take inspiration from new ideas in every area directly or indirectly related to the enterprise.
6. An entrepreneur is not afraid to go beyond the industry and enter new markets. This opens a wide range of opportunities to formulate new niches.
7. Every product and service is not good enough and has room for improvement. An entrepreneur realizes that very well.
8. A creative thinker is interested in bringing totally opposite things together to create new products or services.
9. An entrepreneur creates new products for existing services and new services for existing products.
10. Creative ideas come more quickly when someone is not afraid to appreciate new ideas irrespective of who comes up with them.
11. An entrepreneur shares an idea and is open to feedback that improves and refines the idea.
12. Creativity comes from learning different things, whether they are related to the industry or not.